The Oakland University Board of Trustees last week approved a 3.75 percent undergraduate tuition increase as part of its 2013-14 budget.
The university also approved a 3.74 percent increase for graduate tuition for the 2013-14 academic year. This equals a $13.38 per credit hour increase for undergrads and $22.25 per credit hour hike for graduate students.
"We realize that in today's marketplace, young adults and career changers need a rigorous and relevant education from a respected institution to open doors and find success in their chosen professions," said John Beaghan, vice president for finance and administration. "Despite the economic challenges we face, Oakland will remain such an institution."
The 2013-14 budget also includes a $7.9 million—or 28 percent—increase in financial aid resources. On average, full-time, in-state undergrads at Oakland receive nearly $3,900 in grants and scholarships each year, which amounts to a 36 percent discount on the cost of their education.
Other components of the financial aid strategy include guaranteeing all first-time freshmen full tuition aid, less an expected family contribution as determined by the U.S. Department of Education, and maintaining the Special Tuition Assistance Fund to help students with deteriorating financial circumstances.
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